Exhibit 99.1

SERVISFIRST BANCSHARES, INC.

Announces Results For First Quarter of 2024

Birmingham, Ala. – (BUSINESS WIRE) – April 22, 2024 – ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter ended March 31, 2024.

First Quarter 2024 Highlights:

Tom Broughton, Chairman, President, and CEO, said, “We hired nine new bankers during the first quarter after seven in the fourth quarter and we continue to attract the best talent in the industry in the Southeast.”

Kirk Pressley, CFO, said, “We are pleased to have stabilized our funding costs, which will continue to improve our net interest margin. Our expenses remain tightly controlled, as evidenced by our efficiency ratio, which we believe continues to be among the lowest of all commercial banks.”

FINANCIAL SUMMARY (UNAUDITED)

(in Thousands except share and per share amounts)

^* This press release includes certain non-GAAP financial measures: adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, tangible common stockholders' equity, total tangible assets, tangible book value per share, and tangible common equity to total tangible assets. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”    

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $50.0 million for the quarter ended March 31, 2024, compared to net income of $42.1 million and net income available to common stockholders of $42.0 million for the fourth quarter of 2023 and net income and net income available to common stockholders of $58.0 million for the first quarter of 2023. Basic and diluted earnings per common share were both $0.92 in the first quarter of 2024, compared to $0.77 for both in the fourth quarter of 2023 and $1.07 and $1.06, respectively, in the first quarter of 2023.

Annualized return on average assets was 1.26% and annualized return on average common stockholders’ equity was 13.82% for the first quarter of 2024, compared to 1.63% and 17.83%, respectively, for the first quarter of 2023.

Net interest income was $102.5 million for the first quarter of 2024, compared to $101.7 million for the fourth quarter of 2023 and $108.3 million for the first quarter of 2023. The net interest margin in the first quarter of 2024 was 2.66% compared to 2.57% in the fourth quarter of 2023 and 3.15% in the first quarter of 2023. Loan yields were 6.40% during the first quarter of 2024 compared to 6.32% during the fourth quarter of 2023 and 5.70% during the first quarter of 2023. Investment yields were 3.16% during the first quarter of 2024 compared to 3.08% during the fourth quarter of 2023 and 2.54% during the first quarter of 2023. Average interest-bearing deposit rates were 4.04% during the first quarter of 2024, compared to 4.06% during the fourth quarter of 2023 and 2.68% during the first quarter of 2023. Average federal funds purchased rates were 5.50% during first quarter of 2024, compared to 5.49% during the fourth quarter of 2023 and 4.67% during the first quarter of 2023.

Average loans for the first quarter of 2024 were $11.74 billion, an increase of $142.5 million, or 4.9% annualized, from average loans of $11.60 billion for the fourth quarter of 2023, and an increase of $89.6 million, or 0.8%, from average loans of $11.65 billion for the first quarter of 2023. Ending total loans for the first quarter of 2024 were $11.88 billion, an increase of $221.9 million, or 1.9%, from $11.66 billion for the fourth quarter of 2023, and an increase of $250.9 million, or 2.2%, from $11.63 billion for the first quarter of 2023.

Average total deposits for the first quarter of 2024 were $12.92 billion, a decrease of $0.30 billion, or 9.2% annualized, over average total deposits of $13.23 billion for the fourth quarter of 2023, and an increase of $1.42 billion, or 12.3%, from average total deposits of $11.50 billion for the first quarter of 2023. Ending total deposits for the first quarter of 2024 were $12.75 billion, a decrease of $522.1 million, or 3.9%, from $13.27 billion for the fourth quarter of 2023, and an increase of $1.1 billion, or 9.8%, from $11.62 billion for the first quarter of 2023. The decline in our deposits over the last quarter can be partly attributed to our strategic decision to move away from high-cost and non-core deposits.

Non-performing assets to total assets were 0.22% for the first quarter of 2024, compared to 0.14% for the fourth quarter of 2023 and 0.12% for the first quarter of 2023. The increase in non-performing assets to total assets can be attributed to a single relationship that moved to non-accrual status during the first quarter of 2024. This loan has been closely monitored and is well-collateralized. Annualized net charge-offs to average loans were 0.06% for the first quarter of 2024, compared to 0.09% for the fourth quarter of 2023 and 0.05% first quarter of 2023. The allowance for credit losses as a percentage of total loans at March 31, 2024, December 31, 2023, and March 31, 2023, was 1.31%, 1.32%, and 1.28%, respectively. We recorded a $4.4 million provision for credit losses in the first quarter of 2024 compared to $3.6 million in the fourth quarter of 2023, and $4.2 million in the first quarter of 2023.

Non-interest income increased $2.5 million, or 39.4%, to $8.8 million for the first quarter of 2024 from $6.3 million in the first quarter of 2023, and increased $1.4 million, or 19.4%, on a linked quarter basis. Service charges on deposit accounts increased $216,000, or 11.2%, to $2.2 million for the first quarter of 2024 from $1.9 million in the first quarter of 2023, and decreased $31,000, or 1.4%, on a linked quarter basis. Mortgage banking revenue increased $236,000, or 53.4%, to $678,000 for the first quarter of 2024 from $442,000 in the first quarter of 2023, and decreased $114,000, or 14.4%, on a linked quarter basis. Net credit card revenue increased $466,000, or 27.6%, to $2.2 million for the first quarter of 2024 from $1.7 million in the first quarter of 2023, and increased $151,000, or 7.5%, on a linked quarter basis. Bank-owned life insurance (“BOLI”) income increased $1.6 million, or 99.3%, to $3.2 million for the first quarter of 2024 from $1.6 million in the first quarter of 2023, and increased $1.6 million, or 97.1%, on a linked quarter basis. During the first quarter of 2024, we recognized $1.2 million of income attributed to a death benefit related to a former employee in our BOLI program. Other operating income decreased $36,000, or 5.7%, to $599,000 for the first quarter of 2024 from $635,000 in the first quarter of 2023, and decreased $164,000, or 21.5%, on a linked quarter basis. Merchant service revenue increased $53,000, or 11.7%, to $508,000 for the first quarter of 2024 from $455,000 in the first quarter of 2023.

Non-interest expense increased $6.6 million, or 16.7%, to $46.3 million for the first quarter of 2024 from $39.7 million in the first quarter of 2023, and decreased $12.0 million, or 20.5%, on a linked quarter basis. Salary and benefit expense increased $3.9 million, or 20.6%, to $23.0 million for the first quarter of 2024 from $19.1 million in the first quarter of 2023, and decreased $38,000, or 0.2%, on a linked quarter basis.. The number of FTE employees increased by 32, or 5.6%, to 605 at March 31, 2024 compared to 573 at March 31, 2023, and increased by 14, or 2.4%, from the end of the fourth quarter of 2023. The increase in salary and benefit expense from the first quarter of 2023 is largely due to the normalization of incentives and increased salary expenses due to an increase in FTE employees. Incentives increased approximately $2.8 million, and salaries increased approximately $1.0 million from the first quarter of 2023. Equipment and occupancy expense increased $122,000, or 3.6%, to $3.6 million for the first quarter of 2024 from $3.4 million in the first quarter of 2023, and decreased $303,000, or 7.8%, on a linked quarter basis. Third party processing and other services expense decreased $118,000, or 1.6%, to $7.2 million for the first quarter of 2024 from $7.3 million in the first quarter of 2023, and decreased $675,000, or 8.6%, on a linked quarter basis. Professional services expense decreased $190,000, or 11.5%, to $1.5 million for the first quarter of 2024 from $1.7 million in the first quarter of 2023, and increased $47,000, or 3.3%, on a linked quarter basis. FDIC and other regulatory assessments increased $2.4 million, or 157.4%, to $3.9 million for the first quarter of 2024 from $1.5 million in the first quarter of 2023, and decreased $5.6 million, or 58.9%, on a linked quarter basis. In the fourth quarter of 2023, the FDIC implemented a special assessment to recapitalize the Deposit Insurance Fund resulting in an expense of $7.2 million during the fourth quarter of 2023. The FDIC recapitalization estimate will be periodically adjusted as the FDIC sells assets, satisfies liabilities, and incurs expenses, which resulted in an additional expense of $1.8 million during the first quarter of 2024. See “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” below for more discussion of these expenses. Other operating expenses increased $493,000, or 7.4%, to $7.2 million for the first quarter of 2024 from $6.7 million in the first quarter of 2023, and decreased $5.4 million, or 42.9%, on a linked quarter basis. During the fourth quarter of 2023, an incremental expense related to tax credit investments of $3.3 million, associated with the tax benefit discussed below, contributed to the increase in other operating expenses. In addition, the following items, which management viewed as unusual, infrequent, or not reflective of future normal operating expenses within the control of management, contributed to the increase in non-interest expense during the fourth quarter of 2023: the FDIC special assessment expense of $7.2 million, an EDP contract termination and related capitalized cost write-offs of $1.1 million to other operating expenses, and an adjustment to a privilege tax accrual resulting in a $2.2 million expense to other operating expenses. See “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” below for more discussion of these expenses. The efficiency ratio was 43.30% during the first quarter of 2024 compared to 34.60% during the first quarter of 2023 and 55.23% during the fourth quarter of 2023. The adjusted efficiency ratio was 39.31%.

Income tax expense decreased $2.2 million, or 17.0%, to $10.6 million in the first quarter of 2024, compared to $12.8 million in the first quarter of 2023. Our effective tax rate was 17.5% for the first quarter of 2024 compared to 18.1% for the first quarter of 2023. We recognized an aggregate of $2.2 million in credits during the first quarter of 2024 related to investments in tax credit partnerships, compared to $2.7 million during the first quarter of 2023, and $6.7 million during the fourth quarter of 2023. During the fourth quarter of 2023, $4.1 million of the recognized credits were related to the incremental expense for tax credit investments discussed above. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the first quarters of 2024 and 2023 of $204,000 and $1.1 million, respectively.

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia. We also operate loan production offices in Florida and Tennessee. Through the ServisFirst Bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.

ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.

Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The words "believe," "expect," "anticipate," "project," “plan,” “intend,” “will,” “could,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. ServisFirst Bancshares, Inc. cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to ServisFirst Bancshares, Inc., are necessarily estimates reflecting the judgment of ServisFirst Bancshares, Inc.’s senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: general economic conditions, especially in the credit markets and in the Southeast; the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes as a result of our reclassification as a large financial institution by the FDIC; changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, the Federal Reserve policies in connection with continued inflationary pressures and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; computer hacking or cyber-attacks resulting in unauthorized access to confidential or proprietary information; substantial, unexpected or prolonged changes in the level or cost of liquidity; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; and increased competition from both banks and non-bank financial institutions. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K, in our Quarterly Reports on Form 10-Q for fiscal year 2024, and our other SEC filings. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained herein. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. ServisFirst Bancshares, Inc. assumes no obligation to update or revise any forward-looking statements that are made from time to time.

More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.

Contact: ServisFirst Bank

Davis Mange (205) 949-3420

dmange@servisfirstbank.com

SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)

(In thousands except share and per share data)

(1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”

(2) Regulatory capital ratios for most recent period are preliminary.  

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures, including adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, and adjusted efficiency ratio. During the fourth quarter of 2023, we recorded a one-time expense of $7.2 million associated with the FDIC’s special assessment to recapitalize the Deposit Insurance Fund following bank failures in the spring of 2023. This assessment was updated in the first quarter of 2024 resulting in additional expense of $1.8 million. Additionally, we experienced expenses for the termination of an EDP contract and related capitalized cost write-offs resulting in $1.1 million in expenses, and an adjustment to a privilege tax accrual resulting in a $2.2 million expense. The EDP contract termination costs were related to a planned systems conversion that was canceled. We determined the benefits to our clients were less than expected and the disruption outweighed the benefits. The adjustment to the privilege tax accrual was due to an under-accrual in previous years, and the correction resulted in duplicate expenses for 2023. These expenses are unusual, or infrequent, in nature and not part of the noninterest expense run rate. Each of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity and adjusted efficiency ratio excludes the impact of these items, net of tax, and are all considered non-GAAP financial measures. This press release also contains the non-GAAP financial measures of tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill associated with our acquisition of Metro Bancshares, Inc. in January 2015.

We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation table provides a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release. Dollars are in thousands, except share and per share data.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands)                    

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(In thousands except per share data)            

LOANS BY TYPE (UNAUDITED)

(In thousands)

SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)

(Dollars in thousands)

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(In thousands except per share data)                    

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)

ON A FULLY TAXABLE-EQUIVALENT BASIS

(Dollars in thousands)